Connect with us

Business

NNPC declares first net profit in 44 years, as Buhari praises management

Published

on

NNPC’s trading deficit soars by 200% to N30.8bn in one

President Muhammadu Buhari has revealed that the Nigerian National Petroleum Corporation (NNPC) recorded profit after tax of N287 Billion in 2020, the first in 44 years.

The president made the declaration via his Facebook page on Thursday.

President Buhari stated that the declaration was in fulfilment of an earlier pledge by the Federal Government to publicly announce the financial position of the NNPC.

The post reads: “I am pleased to announce the declaration of Profit after Tax of Two Hundred and Eighty-Seven Billion Naira (N287 billion) in the Year 2020 by the Nigerian National Petroleum Corporation.

READ ALSO: NNPC announces new subsidiary for refinery operations, with targets to end fuel importation

”This is the sequel to the completion of the statutory Annual Audit exercise for the Year 2020.

”The NNPC losses were reduced from N803 billion in the year 2018 to N1.7 billion in the year 2019 and the eventual declaration of Net Profit in the year 2020 for the first time in its 44-year history.

“This development is consistent with this administration’s commitment to ensuring prudent management of resources and maximization of value for the Nigerian people from their natural resources.

“I have further directed the Nigerian National Petroleum Corporation to timely publish the Audited Financial statements in line with the requirements of the law and as follow up to our commitment to ensuring transparency and accountability by public institutions.

“I congratulate the Board, Management and Staff of the Corporation and look forward to greater value creation for the Nigerian people,” he said.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now